Skip to content Skip to Search
Skip navigation

Egypt’s largest private bank gets $150m capital top-up

Total Gulf deposits with Egypt's central bank stood at $29.9 billion as of March 2023
The banks are banned from accessing the Iraqi central bank's daily dollar auction, a main source of hard currency in the country

The European Bank for Reconstruction and Development (EBRD) will provide a $150 million subordinated loan to Commercial International Bank (CIB), Egypt’s largest private bank, to shore up its capital base.

The facility will strengthen CIB’s Tier II capital, bolster its growth prospects and improve its ability to weather external economic shocks, EBRD said in a statement.

The subordinated loan will reinforce CIB’s overall capital base and support the stability of Egypt’s systemically important market player, EBRD First Vice President Jürgen Rigterink said.

CIB chairman Hisham Ezz El Arab added that the loan will support the bank’s growth plans, unlocking numerous opportunities in the Egyptian market.

Since 2012, the EBRD has invested more than €11 billion ($11.93 billion) in 169 projects in Egypt, with almost 80 percent of its portfolio in private sector projects.

Latest articles

Turkey foreign property sales

Foreigners turning back on Turkish real estate

Foreign buyers are increasingly shunning the Turkish property market, wary of high prices, the expensive cost of living and a less welcoming environment for overseas real estate investors. There were only 2,064 residential units sold to foreign buyers in May, 35 percent down on the same month last year, data issued by the state statistics […]

Opec Secretary General Haitham Al Ghais says peak oil 'is not on the horizon'

Upstream oil and gas ‘needs more annual investment’

Annual capital expenditure for exploration and production in the upstream sector of the oil industry needs to increase by 22 percent by 2030 because of growing demand and cost inflation, experts say. A cumulative $4.3 trillion needs to be invested between 2025 and 2030, according to a report by the International Energy Forum (IEF) and […]

2KEY8G1 Emirates Airline Airbus A380 aircraft landing. Aerial view of Emirates Airlines A380-800 airplane. An Emirates plane coming in to land at LAX; a spokesperson for Emirates said the contraventions were for safety reasons

US fines Emirates for operating in prohibited airspace

Emirates has been fined $1.5 million by the US Transportation Department for operating flights carrying JetBlue Airways’ JBLU.O designator code in prohibited airspace. The transportation department said that between December 2021 and August 2022, Emirates operated a significant number of flights carrying the JetBlue Airways code between the United Arab Emirates and the United States […]

Egypt will use the US funding across a range of sectors including agriculture

US allocates $130m development funding to Egypt

The US has allocated funding of $130 million for a range of developmental projects in Egypt, it was announced on Thursday. In a press release published by the US Embassy in Cairo, ambassador Herro Mustafa Garg said that the money would go towards “advancing Egyptian efforts to achieve a brighter, healthier, and more prosperous future […]